Dow plunges 1,000 points as stretch of unprecedented volatility continues because of coronavirus

Dow plunges 1,000 points as stretch of unprecedented volatility continues because of coronavirus
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Stocks tumbled on Wednesday as the markets remained highly volatile with the government response to the coronavirus fallout still unfolding.

A violent reversal in Treasury yields in response to a potential $1 trillion stimulus package helped to unnerve investors.

The Dow Jones Industrial Average dropped 1,030 points, or more than 4%. The S&P 500 and Nasdaq Composite also fell more than 4%.

Wall Street has been on an unprecedented roller-coaster ride amid the coronavirus turmoil, with the S&P 500 swinging 4% or more in either direction for seven consecutive sessions through Tuesday’s close. This tops the previous record of six days from November 1929, according to LPL Financial. Stocks continued their volatile streak on Wednesday, with another drop of more than 4%. The S&P 500 is 29.5% off its record high through Wednesday.

Bill Ackman, billionaire investor and founder of Pershing Square Capital Management, said the best remedy for the market downturn and the outbreak in the U.S. is for President Donald Trump to shut down the country.

“Mr. President, the only answer is to shut down the country for the next 30 days and close the borders. Tell all Americans that you are putting us on an extended Spring Break at home with family,” Ackman said on Twitter. “The moment you send everyone home for Spring Break and close the borders, the infection rate will plummet, the stock market will soar, and the clouds will lift.”

Source: CNBC

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